EXHIBIT 10.3
[COMPANY LOGO]
July 14, 2003
Xx. Xxxxxx X. Xxx Xxxxxxx
0000 Xxxxxxxxx Xxx Xx
Xxxxxxx, XX 00000
Subject: Employment Agreement Made June 28, 2000, First Amendment
Dear Van:
In connection with the Employment Agreement made June 28, 2000 ("the Agreement")
between you and Color Imaging, Inc. (the "Employer" or "Company"), it is agreed
that the following changes shall be effective as of the date(s) indicated:
(1) Position & Title. Effective August 1, 2003, you are hereby
assigned the responsibilities and duties of Marketing and Sales,
excepting the supervision of the newly hired Director of Sales and his
staff, and including marketing and channel sales for all-in-one
imaging, toner and drum cartridges recently introduced by the Company.
In addition, you remain the Chief Financial Officer and Secretary of
the Company with the responsibilities and duties in connection
therewith until such time(s) as other(s) may be appointed to those
positions.
(2) Compensation. Article III of the Agreement is amended as follows:
a) Section 3.01 paragraph 1 is hereby amended and your compensation
shall consist of a base salary and commission. Effective August
4, 2003, your base salary shall be $78,000 per annum paid ratably
every two weeks at $3,000 per pay period. Effective August 1,
2003 you shall earn and be paid a commission of 1/2 of 1 percent
(0.5%) on all of the net sales of the Company, excepting those of
the President and the new accounts to be established under the
supervision of the newly hired Director of Sales, paid monthly in
arrears with the first such commission for the month of August
2003 being due and payable on or before September 26, 2003.
b) Section 3.01 paragraph 2, providing for an annual salary increase
of five percent (5%) per year is hereby deleted, together with
Section 3.01 paragraph 4 and Exhibit II, which provided for your
participation in a Cash Value Life Insurance, Retirement
Supplement Plan.
To indicate your understanding and acceptance of these amendments to the above
referenced Agreement, please sign where indicated hereafter.
Sincerely, Acknowledged and accepted:
EMPLOYER EMPLOYEE
/S/ XXXXXXX XXXX /S/ XXXXXX X. XXX XXXXXXX
_______________________ __________________________
Xxxxxxx Xxxx, Phd Xxxxxx X. Xxx Xxxxxxx
President
1639371
